This chemical is primarily utilized in the synthesis of advanced materials, particularly in the production of phthalocyanine dyes and pigments. These dyes are widely used in various industries, including textiles, plastics, and coatings, due to their excellent color stability and resistance to fading. Additionally, it serves as a key intermediate in the development of organic semiconductors, which are essential components in electronic devices such as solar cells, light-emitting diodes (LEDs), and transistors. Its incorporation into these materials enhances their electrical properties and performance. Furthermore, it is explored in research for potential applications in photodynamic therapy, where it can be used to create photosensitizers for cancer treatment.